an abnormal inflation environment, you could ask, like argentina or zimbabwe, did they ever have monetary -- was there any monetary velocity and there wasn't. it's for an abnormal inflationary type period. you don't need that. now, i don't -- i'm not predicting this is going to happen, but i think it's a risk and probably the risk to protect our portfolio against. >> and you're long municipal bonds. >> yes. >> you're like the antimeredith whitney in this case. >> yes. >> why? >> well, we are -- we are long the best credit municipal bond. we hedge out the interest rate exposure in those. it's one of the few places where you can still get rewarded for your risk. it's a price-based argument. they're too cheap. you're getting over an 8% after tax yield. you have a lot of cushion against interest rates there. and most municipals are very solid. we're only trading for the most part in the top rated municipals. we have some university bonds that are trading, you know, at 4.8%, 4.9%, for tax, over 8% after tax. they're significantly cheap. and what happened when there was a first taper talk, muni